Yesterday felt wrong.
We were down hard Friday… then up huge yesterday on a single line from the President — “Don’t worry about China, it will all be fine!” — and this morning we’re red again. I added to hedges into yesterday’s squeeze. That wasn’t panic; it was discipline. We’re in a tape where a weekend post can rip $trillions around the globe. If you’re not positioned before those posts, you’re the liquidity.

I was on Bloomberg Daybreak Asia last night…

The host wanted me to talk about banks, but this is such a target rich environment in themes, who cares about the banks? More on some of the targets below.

Keep an eye on the 50 day moving average if this decline continues, either as support or a signal to short…..

SPY vol spiked Friday. In that regime, outright puts are the worst way to hedge because a volatility crush can kneecap you even if price moves your way. So I focused on put spreads: define risk, offset premium, and reduce vol sensitivity. If we lurch lower again, they pay. If we whipsaw, the decay isn’t fatal. This isn’t the moment to spray premium; it’s the moment to structure.

Tactical instruments (for spreads):

There’s a reason I added hedges yesterday and not Friday. You don’t want to buy insurance when your house is already on fire.

Thursday October 23rd 2-3PM EST

Covered call ETFs are everywhere — and everyone thinks they’ve found a “safe” way to collect yield in a sideways market.

The truth?
Most of them suck.

They cap your upside, mislead investors with “yield” that’s really your own money coming back, and often trail just owning the stock by a mile.

Join me for a brutally honest breakdown of how these funds actually work — and what you should be doing instead.

🔥 Why “high yield” covered call ETFs are often just returning your own capital
📉 How most call-writing strategies quietly destroy compounding
🚫 Why owning covered calls in bull markets is like running a marathon in a weighted vest
💡 The simple structure that can fix these problems — and where the real daily income opportunities are hiding

Friday night’s crypto puke looked like a margin-clearing fire drill— thin weekend liquidity, stops, forced unwinds. We got a bounce… but not to the same degree as equities. That divergence told me something else was brewing, which is part of why I added hedges yesterday. Pre-market today, crypto’s heavy again.

My stance: still a cautious dip-buyer — but keep powder dry and scale. In fast markets, entry discipline matters more than bravado.

Gold’s breakout and silver’s squeeze aren’t accidents; they’re a referendum on policy volatility + great-power competition + energy scarcity. If you’ve been underweight metals, stop trying to be clever — carry a core allocation. Parabolas correct, but the underlying bid isn’t going away. Gold is up again pre market.

China tightened rare-earth export rules; D.C. saber-rattled; stocks whipsawed. One corner didn’t: U.S. rare earths ripped and are leading again pre-market. Momentum here is policy-sponsored.

Core + trading sleeve tickers:

AVGO’s custom silicon + systems push could be huge… and it concentrates risk. I’d trade it with protection and build around the power/infrastructure stack that benefits regardless.

Stack tickers (barbell):

China is outrunning the West in robot installs; we need an “Operation Warp Speed” for automation. Own the picks-and-shovels that win in any geography.

First-order winners (OEMs, vision, motion):

Second-order winners (tooling/materials):

At-risk profiles: high-wage manufacturers without automation roadmaps; single-sourced specialty suppliers tethered to China.

Demand tails (EVs, transmission, solar frames, data-center thermal) vs power-capped supply create a late-cycle bull. Treat it like copper’s beta with catalysts.

Integrated chain tickers:

JPM’s program will funnel capital into defense, AI, minerals, and grid resiliency. Follow the money.

Signal basket: